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obama will announce jack lew as his nominee for secretary of treasurer. he staffers believe it will be approved. analyst say the president's pick is a sign he will move forward with planned economic reforms and do so aggressively. mr. lew served as coo of nyu and worked at citigroup and served as white house office of management and budget chief and is currently white house chief of staff. apparently job one will be to work with congress to raise the borrowing limit and prevent default that could come as soon as next month. the announcement is at 1:30 p.m. eastern time. stay with "power lunch." we will take you inside the white house for all the details. ty, back to you. >> very interesting. now, of course, another major event at the wlohite house. taking place right now. vice president biden's task force making a change in the way americans buy, sell and potentially use firearms. eamon javers live at the white house. eamon? >> there are some that biden himself might not participate in. we just heard from the vice prest as he emerged from his first meeting of the day and he
: the president will be nominating the chief of staff jack lew as next treasury secretary. should we be gearing up for another confirmation battle? rich edson at the white house with the latest on this story. what do you think? rich: we very well could be. he refuses to address entitlements in spending. he is the typical big government liberal and a troubled person to deal with in his capacity as chief of staff for the white house but democrats point out he knows budgets. he has been a budget director for the clinton administration, obama administration and they say that is why they picked him. >> in the past quarter of a century jack lew has been an integral part of some of the most important budgetary financial and fiscal agreements, bipartisan agreement in washington. >> "rolling stone magazine" will have to come to the senate and tell what his thoughts are about the spending and how it plans to address it. rich: it is u up to send them to see this another proxy fight to add to the administration on their views about that deficit and spending. back to you. melissa: i have to wonder how his sena
treasury secretary. jack lew is a veteran of capitol hill and of more than one big major budget negotiations which is exactly what the president is facing right now. he's somebody with a low key demeanor who gets along well with others. his confirmation is expected to be not too difficult. what he doesn't provide is a strong business background or wall street ties, although he did work for citigroup for a while and he doesn't have the experience in financial regulation that tim geithner brought to the job having head of the federal reserve bank of new york during the financial crisis. but jack lew is expected to be announced today. the pecked speculation about his replacement as white house chief of staff has centered in the last 24 hours around dennis mcdonna. sources tell me that dennis mcdonough is the chief candidate. ron biden has already been a contender. wool see whether the president pairs the announcement of a new chief of staff with jack lew's appointment today. >> so jack lew seems to have the nomination locked up. danny krugman is expected to be looked go ahead at fo
will nominate his chief of staff jack lew as the next treasury secretary a little more than two hours from now. connell: joining us now is from the "wall street journal." >> he will be directing economic policy for the president and he's a long-time washington insider. he worked for tip o'neil. he worked for bill clinton. he's worked on the budget for president obama. [talking over each other] >> there is a revolving door there. he did go in 09 and he came out with a lot of money despite the fact that citi bank was limping along and had to be helped out by the government. dagen: when he worked just as one example in the clinton administration he was considered reasonable but not now. why? >> i think the big part of it is how he performed when he worked for president obama in the first term. but it's also i think most people expect him to be very much like an alter ego of the president. he subscribes to the ideas that the president has, that the big problem in this country is not how to create wealth, but how to redistribute it. that's really our challenge. just have to figure out how to get th
will talk about the pick to replace treasury secretary tim geithner we will talk about jack lew who has served at the treasury department under clinton and obama. is great to see you again. jack lew claim to fame to create a surplus bet americans are up in arms? >> nobody has a better resonate and jack lew who was an aide to tip o'neill during the reform of social security. republicans are really just playing partisan. lori: over the last three years ago with budget director u.s. has run deficits over $8 trillion per year in that rate is of contention with criticism. >> a lot of that's is more partisan fear than reality. one interview that he did when the president proposes budget that spending on government programs would balance with the revenues to equalize. their rubies smaller running deficits but that was the course scope and size issue. they said it is semantics but that is not the case. lori: do they not like him because he is a tough negotiator? >> that is part of it. >> except john kerry every nomination is criticized even in hagel is not good enough. so the backdrop of the ob
invitation to the media. melissa: i didn't get one. what are we talking about? who is jack lew? an inside look at the man poised to take over as treasury secretary. ♪ . ♪ [ male announcer ] this is karen anjeremiah. they don't know it yet, but they' gonna fall in love, get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement people who are paid on salary, not commission. they'll get straightforward guidance and be able to focus on other things, like each other, which isn't rocket science. it's just common sense. from td ameritrade. lori: here's your fox business brief. snapping a two-day losing streak stocks continue their upward trend as fourth quarter earnings season gets off to a strong start with alcoa last night. right now the dow is up 61 points. >>> billionaire leon black apparently sweet on hostess. "new york post" says the head of private equity firm apollo global management teaming up with a met
of these markets plus a whole lot more including the imminent nomination of jack lew as treasury secretary may mean to the debt ceiling fight. we'll previau bank earnings which are about to kick o.those more than anything else could drive the markets in the coming weeks and aig will not join in former chief hank greenberg's lawsuit against the same u.s. taxpayers that bailed the company out. aig ceo bob benmoschy will be here. >> first take a look at the markets. what we're seeing is we have the markets higher though it's well off the highs. up 90 points on the dow industrials and we're up 34 points on the dow jones industrial average, 13,363 and the last trade on nasdaq has given up some of the oomph of earlier and the standard & poor's 500 has a similar chart pattern with a gain on the session of just 1.5 point, eking out positive territory. gentlemen, good to see you. thanks so much for spending the time. >> hi, maria. how are you? >> let's talk about this market because you certainly have a fair amount of issues that could seem troubling, and yet we continue to see money finding a home in equit
in washington. jack lew officially nominated as treasury chief. lew is known for his role in the being acrimonious talks in 2011. what could it mean this time. >> tiffany disappoints again with weaker holiday sales. there was weakness in the americas, strength in asia. so how much of a read through to the rest of retail is this earnings report? >>> nokia shares soaring this morning after a bullish outlook for the first quarter. >>> and herbal life's big day to defend itself against bill ackman's damning allegations. we'll have the latest and the ceo join us later in the show. >>> well, today president obama is set to nominate white house chief of staff jack lew as his next treasury secretary. succeeding tim geithner. lew has been budget director in both the obama and clinton administrations. he will pray a major role of course in negotiations over the debt ceiling and potential spending cuts. the president will make his announcement at 1:30 eastern. it's an event in the east room at the white house. i have to say off the bat just because he's a forest hills guy like me that i, you know
in washington. and that's a huge wildcard. lori: quick follow-up. jack lew, does he change things? obviously, we know he's in favor of big government, big spending, probably face a big fight for his confirmation. jack, do you think that changes anything for your markets outlook? >> it doesn't for me. i think the biggest change we're going to see right away is just new signatures on our currency. beyond that, you know, the treasury has at least under geithner in the second term here has really sort of backed away from center stage giving, handing the baton mostly to the fed. you know, whether lew takes a more activist role, he certainly is an obama loyalist, remains to be seen. i will say, you know, there's probably a little more contention in washington surrounding jack lew than there is, perhaps, on wall street right now. ashley: all right, jack. let me bring you in -- david, i'm sorry. jack, you had, we've heard from you. let's bring in david on where investors can make money in this market. what do can you like spa why? -- and why? >> sure. well, i'll make a comment on commodities. some peopl
as jack lew is somebody who served as chief of staff. he was budget director before that. he served in hillary clinton's state department. he does not have a deep background and ties to wall street and business. he's a creature of congress, made his name in washington working for tip o'neal, the house speaker. very hard working, very key, very bright. republicans found him a difficult negotiators in some of the budget talks over the last couple of years, but i would expect, andrew, that he's going to be confirmed pretty handily even though he'll have difficult questions in his confirmation hearing. >> john, how disappointed -- and perhaps now, but it appears that the business community seems disappointed, if you read "the wall street journal" editorial page today. there's a sense of disappointment that the president didn't pick somebody from the business community, somebody with more experience in the world of finance private sector as joe would say. >> i understand the disappointment because they want one of theirs. but, you know, president obama wants one of his in that job. when
. the nomination process for the next treasury secretary is moving forward with president obama naming jack lew as his pick. "i trust his judgement, i value his friendship, i know very few people who have greater integrity than the man to my left." lew currently serves as the chief of staff in the obama administration and could become treasury secretary when timothy geithner leaves later this month. joining us now via skype with insights is jim bianco of bianco research. how is wall street responding? > > lukewarm on the jack lew nomination. they're not really that thrilled. > other than lew's poor penmanship, how well will lew's no-drama approach play out in the upcoming debt ceiling talks? > > in the debt ceiling talks it is going to be interesting. other than the no drama, he has got a history of being confrontational with republicans, and that is going to be difficult because that is who he's got to deal with. > didn't he once work on wall street? > > briefly at citibank for a couple of years around the time of the financial crisis. > do you think the republicans will go along with his nomi
, jacob "jack" lew is said to be the president's pick to replace treasury secretary timothy geithner. that nomination is expected tomorrow. should he be confirmed by the senate, one of lew's first challenges will be dealing with the rapidly approaching debt ceiling. darren gersh reports. >> reporter: assuming he wins senate confirmation, jacob "jack" lew will take over a treasury that is rapidly running out of cash. the federal government has already hit the debt ceiling. and the only way the government can pay its bills is by using accounting gimmicks to move money around. those tricks will only get the government through mid-february. at that point lew might have to take the unprecedented step of deciding he has the legal authority to pick and choose which bills the feds will pay. >> even if it were clear that the treasury secretary could do that, pick and choose, the ability, the real ability to reprogram all of the software in treasury's computers which connect to all of the computer software in the various agencies is not something that can be done in ten minutes or ten days or
, jacob "jack" lew will take over a treasury that is rapidly running out of cash. the federal government has already hit the debt ceiling. and the only way the government can pay its bills is by using accounting gimmicks to move money around. those tricks will only get the government through mid-february. at that point lew might have to take the unprecedented step of deciding he has the legal authority to pick and choose which bills the feds will pay. >> even if it were clear that the treasury secretary could do that, pick and choose, the ability, the real ability to reprogram all of the software in treasury's computers which connect to all of the computer software in the various agencies is not something that can be done in ten minutes or ten days or ten weeks. so you have the right to do it but you don't have the ability to do it. >> reporter: the treasury uses a separate computer system to make interest payments on the federal debt so it is possible investors would get what they are owed. but what happens with social security, medicare and federal employee pay, is less clear. so secre
on the floor show today. >> thank you. cheryl: all right. president obama announcing today jack lew as his nominee for treasury secretary. rich edson is standing by at the white house with the latest including the slew of comments about lou, if you will. rich? >> reporter: that's right, plenty of that already, cheryl. it is up to the united states senate whether or not to confirm jack lew. the white house is selling this as a transition. that, by the way, is construction for the or parade here, the inaugural parade, if you heard the loud crash. the transition that you have now from really a rescue job that treasury secretary geithner was asked to do at the beginning of the administration now to one of budgeting. jack lew, the budget chief in the clinton administration, in the obama administration in the white house is basically saying that's why they chose him, the mastery of the federal budget. >> jack knows that every number on a page, every dollar we budget, every decision we make has to be an expression of who we wish to be as a nation. our values. the values that say everybody gets a
. keep love strong. >>> obama's nominee for treasury secretary jack lew is facing criticism because his signature, which will appear on the dollar bill, is complete lly illegible. look at his signature. this is real. in response, lew is like, i will fix this or my name is -- there's some political news here. president obama recently came under fire from republicans over the lack of diversity in his cabinet. then obama said, you guys know i'll be there too, right? >>> well, it's time for other entertainment news. it's the cia versus the lapd at the box office this weekend. after being in limited release for the past few weeks "zero dark thirty" is going wide, fresh off its five oscar nominations. but "gangster squad" may take first place this weekend thanks to box office draws ryan gosling and emma stone. >>> so what does 9-year-old quvenzhane wallis want to do now that she's nominated for on can oscar? what any other 9-year-old would want to do. go on a shopping spree and eat pizza. >>> justin bieber may have a dopplpganger. >>> and justin timberlake and beyonce both announced new music
for some solutions and what might work, did you find any encouragement in the nominating of jack lew to this very important post of treasury secretary today? >> he does not remind me of alexander hamilton. >> that's all you're going to say? >> that's all i'm going to say. i'll give him a chance to be alexander hamilton. >> but why not? >>y in secretary of the debt would be to, first of all, talk in english in our problems and secondly to understand that the -- the revenues put nort so far have been all political and rhetorical, and what we want is the stern stuff of a monastery -- a monetary approach. we want a dollar in exchange for something tangible. and that's gold bouillon. we've not had that for the past -- well, since 1971, about 0-odd years, and what we need is at least a discussion about the nature of our monetary problem that really is a fundamental source of our fiscal problem. >> why would that work going back to gold bouillon? >> because there's only so much gold and can only be so many dollars. >> there's a limited amount, a limited supply. >> you don't have to rely on
that jack lew would be the new name and gilet near would be out. it's months of reporting. seems to me the president knew a long time ago jack would be the guy. at the same time, it's surprising he would take on a fight like this with congress with when he has the chuck ha golf course e -- chuck hagel fight as well. it's like he doesn't care what republicans or nip thinks in washington and does what he wants. >> i don't see a fight with jack. he's not popular with republicans, that's true, but the other side focuses the fire on one main target, and other people get less, and i think the fire is going to be devoted to, pointed at chuck as you suggest. i think that jack lew, is not wildly popular among republicans is respected as somebody to used to run the budget office and who spent a lot of time in the career up on capitol hill working as a congressional staffer. he knows the place. he'll be owing in the nomination struggle, not unanimous consent or a love fest, but he'll be fine. cheryl: interesting. we'll continue to get your take on all things drk. thank you. >> sure, happy to be w
dominant position. >>> barack obama officially nominated jack lew to replace timothy geithner overnight. speaking from the east room of the white house, the president made it clear just why he made this move for the post. >> over the past year, i've sought jack's advice on virtually every decision i've made from economic policy to foreign policy. and one reason jack has been so ekive in this town is because he is a low-key guy who prefers to surround himself with policy experts rather than television cameras. and and to hear who has been nominated for obama's cabinet, senator john kerry to replace hillary clinton as secretary of state, jack lew to replace timothy geithner and chuck hagel to as secretary of defense. tinny, good to see you. happy new year. >> happy new year to you, too. >> nice to see you. what do you make of the reshuffle? >> well, they are not surprising choices. there's a lot of discussion about whether obama's second term means changes or continuity. i'd use another key term which is consolidation. i think his cabinet are loyalists and insiders. they'll help move forw
. it will be interesting to see how valerie jarrett meshes with jack lew. another story we had had first here on fox business. ashley: aig. >> why did they say no to hank greenberg? there are many reasons why. i'm getting this from inside the company. they were not going to join this lawsuit earlier today. it was, it is so obvious. aig right now is applying to be about is known as a sieve if i firm. ive if i firm. system i financially important firm. systemmally important financial institution they are applying for that. guess who you don't sue. ashley: the federal government. >> this was a nonstarter from the minute they looked eight. should also point out another reason why, they have an ad campaign where they basically talk about how they're thanking the american tax pay fore --. ashley: turning around and suing the taxpayers essentially. >> those two things. systematically important issue made it dead on arrival. why are they taking it up? what they're saying internally and what they told me as we were reporting this out this morning this is perfunctory. hank greenberg is suing federal governmen
out until january 25th in the treasury, giving jack lew to confirm and i guess perfect his signature. let's see what we've learned, what does he leave for jack lew. he got the stress test done. actually, that's not correct there. let's move away from that. what we're talking about here is the -- let me go to my notes. the stimulus was done -- but sustained growth was not. frank dod basel iii was not done. aig also done. what is the geithner model? what is the geithner doctrine? i think you can say like this, overwhelming government force when it's clear it's needed. b in a crisis, spend, regulate and guarantee and do it with conviction. let's talk about one of the things left over from the geithner years, which is going to be the issue of debt and deficit. i think you would say there was some accomplishment when it came to getting some of these deals in place. but ultimately, he probably thought that some of these things would come off and be declining faster than they have. we've learned a lot about the financial crisis. in fact, we're going to be debating the correct government res
and lori. melissa: thank you so much. jack lew will likely take over tim geithner as treasury secretary, but what will geithner do as a private cents and what will others in obama's economic circles do in the months ahead? you called the jack thing a long time ago. >> yeah, we were the first to report he was on the short list, at the top with larry fink and i think larry would be a better treasury secretary, and then, i think bloomberg reported another name, that was not in my mind. jack lew, a guy that does a lot of legislative stuff, budget director, he's in there. he's gone. what will geithner do? he's taking geithner's place. this is what geithner is telling friends. he wants a detox. he may take the year off, and his plans, according to friends who geithner spoke with directly, his plans are to write a book. he wants to write a book about the service in government. remember, he was the fed chairman, new york fed president, important job in the financial crisis, went from the fire to the -- frying pan to the fire as treasury secretary in president obama's first year, and he plans to
jack lew will face will be much nastier than the ultimate outcome. >> the debt ceiling is going to be an ugly fight, perhaps as ugly or even uglier than what we went through at the end of last year, but the real fight is not over the debt ceiling, the real fight is over deficit reduction and the debt ceiling is not a lever that will ultimately be pulled. being treasury secretary over the next couple of years is not going to be an easy job, tom. >> tom: what do we know about lew's background, darren, that could inform us how he may treat the negotiations over the debt ceiling? >> he has been described to me as a pragmatic progressive. he has been around for 25 years in washington, and he has been involved in almost all of the major budget battles. so he is widely respected. he really knows his stuff, and he is seen as a calm but fierce negotiator. >> tom: did he play any role back in august of 2011, the last time we had this debt ceiling de back debac. >> absolutely. there were some republicans who felt that lew got the best of them. he came up with the whole scenario of sequeste
general of the united states. we'll talk to you about if you're feelings of jack lew in a moment. on the deal that we did. you see everybody's taken the zeros off of what we owe and everybody's seen that now. i guess we're making $23,000 a year, we're spending $38,000. so we're adding $16,000 to our credit card bill every year. and we already owe $160,000 on our credit card bill. and the fiscal cliff deal cut $38 off of our expenses or something when you take everything off. is that -- >> actually worse than that. >> how can it be worse? >> actually our cliff bill was an absolute embarrassment to the united states of america. let me clarify. if we had gone over the cliff, it would have been an "f." and a total failure of our system. but when you analyze the bill, it was an "f" on spending. we actually increased spending. we didn't reduce 13e7bding. we increased spending. >> all the democrats tell me that there was already a trillion dollars of spending cuts that -- i didn't -- >> that was from august 2011. okay, but what i'm saying is, if you just look at this bill in isolation,
january 25th. unclear if that's going to mean a seamless transition with the president's nominee jack lew since it seems unlikely at this point lew will be confirmed by the senate before geithner leaves. so maybe the deputy secretary will fill that gap. geithner, if he wants one, can have almost any finance job that he wants. he'll take at least six months to consider his option. they don't say whether or not he wants to go into finance. the question is what kind of job would be appropriate for geithner to take given that he was intimately involved in bank rescue operations over the past several years? and what kind of job could he take in the post-crisis world and still be eligible to come back into government if he wanted? fed chairman ben bernanke, he's expected to move on after his term expires in 2014, and geithner would clearly be someone the president would consider. according to sources, geithner wouldn't want the job but the president has been very successful in getting geithner to do things he hasn't wanted to, like stay on treasury for an extra year or two and geitner has been
, and i finally figured out why jack lew's signature has all those loops. they are actually zeros and that's how much he's going to add to our debt. >> you don't know that for sure. we're going to have that debate on the debt ceiling in the next month. you don't think we're going to see any spending cuts? >> we have been inculcated throughout our history that they will increase the debt ceiling without ever addressing the real problem which is, correct, 100%, maria, it is spending. >> unless the market forces the hand, too, because one thing our leaders do respond to is the stock market, whereas in the early '80s it was the bond vigilantes that ruled the root i think these guys get terrified when the stock market starts going down because they -- you know, from the way they calibrate things, you don't have bonds to do it so now you have the stock market. >> if you get money supply growing at 12% and bonds are in the biggest bubble in the history of mankind, the money is going to go into stocks. that's the path of least resistance. >> maria, what you have to watch very carefully, you have a
the president will officially nominate jack lew for treasury secretary to replace tim geithner lew is federal budget expert and known to be a tough bargainer if confirmed by the senate, he would take the helm of the government may agency for economic and fiscal policy. just as we deal with the u.s. reaching its borrowing limit the debt ceiling. >> some republicans complained that he has been too unyielding in past this of negotiations. >> and big news regarding new mortgage rules being proposed james has more on that in a moment with more the consumer physical protection burn as rolled out new roles designed to ensure that mortgage borrowers can afford to repay the loans they take out. >> according to the rules, which take effect next year, lenders will be required to verify and inspect our financial records so and no more no doc loans out there. there will be prohibited from saddling world loan payments totaling more than 42 percent of the person's annual gross income. >> an interest only loans that helped inflate the housing bubble will be banned. >> still ahead on the kron 4 morning news a
it is important to have the right person in the treasury and having -- cheryl: is jack lew the right person? >> someone with deeper wall street experience, deeper finance experience could be meaningful in this period. that is not a slight at jack wu but is the reality. we have had treasury secretaries that come from industrialists and business people. it is obviously the president's prerogative but for the benefit of the economy we would give markets a lot of comfort if there was someone with the finance. cheryl: i would love to have you back to discuss this. we get a sense sue and who is going to be the point ee. thank you both for joining me. good conversation. is the moving zero dark 30 too realistic? the senate intelligence committee is said to be launching an investigation on whether the director and screenwriter were granted in appropriate access to the cia during filming of the thriller. the story behind the deadly raid that killed usama bin laden has been criticized by some in watching for its depiction of torture. the senate panel wants to determine where those descriptions of tort
is jack lew has that the president cited decided a major budget fis with republicans on the debt ceiling and recently somewhat perverted fiscal cliff, also budget director under president bill clinton and obama known as someone with a very deep knowledge of budgeting. before joining the obama administration, he was a chief f operating officer at the citigroup alternative investments unit reported lost money to do that, although it earned profits from betting against the subprime mortgage market and will be if the fed to confirm him in one predicts very contentious process. >> it is a bumpy confirmation process. many people have no secure treasury will tell them the truth both of financial conditions of this country and lay out a plan that can be analyzed and studied it will hold up under scrutiny. they haven't done that from the white house yet. he has had a failure to lead. speaking of the republican complaint, difficult to work with during 2011 debt ceiling debate, probably a plus for the president. i do. cheryl: probably why he did that. thank you. dennis: a billion smart phones can b
Search Results 0 to 31 of about 32 (some duplicates have been removed)